EU agri-food trade balance further improved in June

After the EU agri-food trade rebounded in May, its surplus continued to improve in June as imports decreased and exports slightly increased, resulting in a 30% increase month-on-month. The EU’s trade balance reached €32.9 billion for the period between January to June 2023, representing €6.5 billion more than over the period January-June 2022, partly due to higher unit values of main EU exported agri-food items, except cereals. These are the main findings of the latest monthly agri-food trade report published today by the European Commission.

Exports

EU agri-food exports stood at €19.6 billion for the month of June, while the cumulative exports in the first half of 2023 were +7% higher than in the same period for 2022 reaching €115.3 billion.

The EU remains a top exporter of cereals, particularly in the direction of Sub-Saharan Africa and Asia. The volumes of cereals exported between January and June 2023 increased by 2.6 million tonnes compared with last year. Export volumes of vegetable oils and oilseeds and protein crops also remained high in June. They grew by 38% and 21% respectively on the first half of 2023. Exports of cereal preparations (+EUR 1.4 billion, +14%) and preparations of fruit and vegetables (+€1.1 billion, +23%) increased in value, while volumes were reduced.

The top three destinations for EU agri-food exports between January and June of this year were the United Kingdom, the United States and China.

Imports

EU agri-food imports decreased in June, falling to €13 billion. Imports were 10% below their level of June 2022. 

In the first half of 2023, cereals and sugar imports increased both in value and volume compared to the first half of 2022. However, imports of vegetable oils, oilseeds and protein crops, and margarine have decreased in value and volumes.

The top three origin countries for EU agri-food imports between January and June 2023 were Brazil and the United Kingdom, followed by Ukraine. The main products imported from Brazil are soya beans, soya meals and coffee and from the UK spirits, cereal preparations, dairy products, and mixed food preparations. From Ukraine, the EU mainly imports cereals, oilseeds and protein crops and vegetable oils.

More insights as well as detailed tables are available below in the latest edition of the monthly EU agri-food trade report.